By Stella Odueme
The Tinubu Media Support Group (TMSG) has defended the Federal Government’s fuel price cap and other relief measures, describing them as part of global efforts by more than 115 countries to cushion the impact of the Middle East conflict on citizens.
The group said the measures demonstrated the administration’s recognition of the economic challenges facing Nigerians amid rising living costs and uncertainty in global energy markets.
In a statement signed by its Chairman, Emeka Nwankpa, and Secretary, Dapo Okubanjo, TMSG noted that several countries had introduced temporary interventions to reduce the impact of the conflict on fuel prices and ease the burden on their populations.
According to the group, Germany, Spain, Greece, India, Pakistan, Australia, Mozambique and Kenya are among the countries that have adopted fuel price caps or discounts to protect consumers.
It added that the United States was also considering measures to lower domestic fuel prices while pursuing diplomatic efforts to resolve the crisis.
TMSG said Nigeria’s response, which includes a month-long fuel discount and a fuel price cap subject to monthly review, was consistent with the approach adopted by other countries.
The group, however, rejected claims by opposition figures that the measures amounted to a reintroduction of fuel subsidy, insisting that they were temporary interventions designed to address the consequences of the ongoing conflict.
It criticised politicians who praised similar measures abroad but condemned the Nigerian government’s intervention.
The group specifically questioned the position of Atiku Abubakar, whom it said had recently commended Germany for introducing a 90-day fuel discount of 17 cents per litre while describing Nigeria’s measures as a pre-election gimmick.
TMSG argued that the Federal Government’s intervention went beyond the fuel discount and price cap, encompassing several other measures aimed at protecting vulnerable households and supporting businesses.
These include increased funding for cash transfers to vulnerable households, subsidised credit for small businesses and consumers, and accelerated deployment of compressed natural gas (CNG) buses alongside infrastructure investments in collaboration with state governments.
The group also listed a proposed excess-profit tax targeting businesses found to have engaged in price gouging and enhanced tax relief for low-income earners under the 2027 Finance Bill among the government’s planned interventions.
It further noted that the government was committing to investments in a National Strategic Fuel Reserve to help stabilise the market during future disruptions to global crude oil supplies.
According to TMSG, the reserve would enable the release of refined petroleum products into the market to moderate price volatility without resorting to price fixing or restoring fuel subsidy.
The group maintained that the fuel discount and price cap did not constitute a return to the subsidy regime, noting that Finance Minister Taiwo Oyedele had similarly explained that a temporary, marginal discount borne by a retailer was not equivalent to government-funded fuel subsidy.
It stressed that the government was not using public funds or money from the Federation Account to pay part of the cost of fuel purchased by motorists at filling stations.
The same principle, it added, applied to the proposed price ceiling being negotiated with refineries and importers.
TMSG urged Nigerians to assess the government’s measures within the context of the global response to the Middle East crisis, arguing that the interventions were intended to provide temporary relief until conditions in the region returned to normal.
The group reiterated that the measures should not be misconstrued as a reversal of the government’s fuel subsidy policy but rather as efforts to protect citizens from the economic consequences of international developments.